Incordex Revenue Plummets 93% Amidst Going Concern Doubts

TL;DR

**Incordex is a burning pile of cash with no real revenue, avoid at all costs.**

AI Summary

Incordex Corp. reported a net income of $5,357 for the three months ended December 31, 2024, a significant increase from $2,708 in the same period of 2023. However, revenue for the three months ended December 31, 2024, plummeted to $1,005 from $15,642 in the prior year, representing a 93.6% decrease. For the six months ended December 31, 2024, net income was $10,454, up from $2,804 in 2023, largely due to $18,714 in 'Other Income-Debt forgiveness'. Total assets decreased substantially from $22,288 as of June 30, 2024, to $1,718 as of December 31, 2024, primarily due to the elimination of Mobile Application and Website assets. The company's accumulated deficit improved from $(43,716) to $(33,262) over the six-month period, but it still faces substantial doubt about its ability to continue as a going concern, with management anticipating reliance on additional investment capital. Cash increased to $1,718 from $990 at the beginning of the period, driven by $19,741 in cash flows from operating activities, despite $19,014 in Director Loan repayments.

Why It Matters

Incordex Corp.'s dramatic 93.6% revenue decline for the quarter, despite an increase in net income driven by debt forgiveness, signals severe operational challenges for investors. The 'going concern' warning highlights significant financial instability, making it a high-risk investment. For employees and freelancers, the company's reliance on future capital raises for operating expenses suggests potential job insecurity. In the broader market, Incordex's struggle to monetize its handwritten letter service and CRM module indicates intense competitive pressures in the niche marketing and software development sectors, where established players dominate.

Risk Assessment

Risk Level: high — The company explicitly states 'there is substantial doubt about the Company's ability to continue as a going concern' due to an accumulated deficit of $35,718 as of December 31, 2024, and a lack of stabilized revenue. Revenue for the three months ended December 31, 2024, was only $1,005, a 93.6% decrease from $15,642 in the prior year, indicating a severe lack of sustainable income.

Analyst Insight

Investors should steer clear of Incordex Corp. given the explicit 'going concern' warning and the precipitous 93.6% drop in quarterly revenue. The company's reliance on future capital raises and debt forgiveness for survival, rather than robust operational performance, makes it an extremely speculative and high-risk venture.

Financial Highlights

debt To Equity

N/A

revenue

$1,005

operating Margin

N/A

total Assets

$1,718

total Debt

$980

net Income

$5,357

eps

$0.00

gross Margin

N/A

cash Position

$1,718

revenue Growth

-93.6%

Revenue Breakdown

Key Numbers

• $1,005 — Quarterly Revenue (93.6% decrease from $15,642 in prior year)
• $5,357 — Quarterly Net Income (Increased from $2,708 in prior year, largely due to other income)
• $10,454 — Six-Month Net Income (Increased from $2,804 in prior year, boosted by debt forgiveness)
• $18,714 — Other Income-Debt forgiveness (Key driver of net income for the six months ended December 31, 2024)
• $1,718 — Total Assets (Significant decrease from $22,288 as of June 30, 2024)
• $33,262 — Accumulated Deficit (Improved from $(43,716) but still substantial)
• 6,450,000 — Shares Outstanding (Consistent across periods)
• $19,014 — Director Loan Repayment (Cash outflow from financing activities)
• $19,741 — Cash from Operating Activities (Positive cash flow despite revenue decline)
• 93.6% — Revenue Decrease (Percentage drop in quarterly revenue year-over-year)

Key Players & Entities

• Incordex Corp. (company) — registrant
• Iurii Abramovici (person) — President of Incordex Corp.
• SEC (regulator) — Securities and Exchange Commission
• $1,005 (dollar_amount) — revenue for three months ended December 31, 2024
• $15,642 (dollar_amount) — revenue for three months ended December 31, 2023
• $5,357 (dollar_amount) — net income for three months ended December 31, 2024
• $18,714 (dollar_amount) — Other Income-Debt forgiveness for six months ended December 31, 2024
• $1,718 (dollar_amount) — Total Assets as of December 31, 2024
• $22,288 (dollar_amount) — Total Assets as of June 30, 2024
• $35,718 (dollar_amount) — accumulated deficit as of December 31, 2024

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company's independent auditors have issued a statement expressing substantial doubt about its ability to continue as a going concern. Management anticipates reliance on additional investment capital to sustain operations.
• Asset Elimination [high — operational]: Total assets decreased from $22,288 as of June 30, 2024, to $1,718 as of December 31, 2024, primarily due to the elimination of Mobile Application and Website assets, indicating a significant shift in operational focus or asset write-downs.
• Revenue Collapse [high — financial]: Quarterly revenue for the three months ended December 31, 2024, plummeted to $1,005 from $15,642 in the same period of 2023, a 93.6% decrease, raising concerns about the core business's viability.
• Dependence on Other Income [medium — financial]: The substantial increase in net income for the six months ended December 31, 2024 ($10,454 vs $2,804 in 2023) was largely driven by $18,714 in 'Other Income-Debt forgiveness', highlighting a lack of sustainable operating profitability.
• Director Loan Repayment [medium — financial]: The company made a significant Director Loan repayment of $19,014, which, while reducing liabilities, represented a substantial cash outflow from financing activities during a period of declining revenue and operational uncertainty.

Industry Context

Incordex Corp. operates in the CRM and marketing software development sector, focusing on handwritten letter services. This niche market aims to leverage personalization and tactile communication in an increasingly digital world. The company faces competition from established CRM providers and digital marketing agencies, while also needing to demonstrate the ROI of its unique offering.

Regulatory Implications

As a development-stage company, Incordex Corp. is subject to standard SEC reporting requirements. The 'going concern' note is a significant disclosure that regulators expect to be prominently communicated to investors, highlighting potential risks.

What Investors Should Do

1. Scrutinize the sustainability of revenue generation beyond debt forgiveness.
2. Assess the plan for securing additional investment capital.
3. Monitor the strategic rationale behind the elimination of Mobile Application and Website assets.

Key Dates

• 2024-12-31: End of Second Quarter and Six-Month Period — Reported a significant revenue decline of 93.6% year-over-year, but a net income increase driven by debt forgiveness. Total assets drastically reduced due to asset write-downs.
• 2024-06-30: End of Fiscal Year — Total assets stood at $22,288, with significant Mobile Application and Website assets recorded, prior to their elimination in the subsequent period.

Glossary

Accumulated Deficit

The cumulative net losses of a company since its inception, representing the total amount by which expenses have exceeded revenues over time. (Incordex Corp.'s accumulated deficit improved from $(43,716) to $(33,262), indicating a reduction in total historical losses, but it remains a substantial negative balance.)

Going Concern

A business's ability to continue operating for the foreseeable future without the threat of liquidation. Auditors assess this based on financial health and operational viability. (Incordex Corp. faces substantial doubt about its ability to continue as a going concern, a critical warning for investors about the company's long-term survival.)

Other Income-Debt forgiveness

Non-operating income recognized when a creditor cancels or forgives a debt owed by the company. (This was a primary driver of Incordex Corp.'s net income for the six-month period, masking the poor performance of its core operations.)

Year-Over-Year Comparison

Compared to the prior year, Incordex Corp. has experienced a dramatic 93.6% decrease in quarterly revenue, falling from $15,642 to $1,005. While net income has increased significantly, this is primarily due to $18,714 in debt forgiveness, not operational improvements. Total assets have shrunk from $22,288 to $1,718 due to the write-off of key application and website assets. The company continues to face substantial doubt about its ability to continue as a going concern, a risk that persists from previous periods.

Key Financial Figures

• $0.001 — 0,000 shares of Common Stock, par value $0.001 TABLE OF CONTENTS PART I —FINANCIAL
• $1,005 — er 31, 2024 and 2023, we have generated $1,005 and $15,642 as revenue, respectively. W
• $15,642 — and 2023, we have generated $1,005 and $15,642 as revenue, respectively. We have launc
• $1,862 — ember 31, 2024 operating expenses were ($1,862). Operating expenses consist of mainly
• $6,214 — s ended December 31, 2024 and 2023 were $6,214 and $0, respectively. Our net income f
• $0 — ember 31, 2024 and 2023 were $6,214 and $0, respectively. Our net income for the
• $5,357 — d ended December 31, 2024 and 2023, was $5,357 and $2,708, respectively. 6 Table of
• $2,708 — ember 31, 2024 and 2023, was $5,357 and $2,708, respectively. 6 Table of Contents
• $1,718 — ecember 31, 2024, our total assets were $1,718 primarily consisting of cash $1,718.
• $19,741 — flows used in operating activities was $19,741. For the three months ended December 31
• $17,545 — flows used in operating activities was $17,545. Cash Flows from Investing Activities
• $24,000 — nded December 31, 2024 and we invested ($24,000) during the year 2023. Cash Flows from
• $19,014 — ws provided by financing activities was $19,014 from director loan. For the three month

Filing Documents

• icdx_10q.htm (10-Q) — 294KB
• icdx_ex311.htm (EX-31.1) — 13KB
• icdx_ex321.htm (EX-32.1) — 6KB
• 0001477932-25-006170.txt ( ) — 1331KB
• incordex-20241231.xsd (EX-101.SCH) — 13KB
• incordex-20241231_lab.xml (EX-101.LAB) — 92KB
• incordex-20241231_cal.xml (EX-101.CAL) — 21KB
• incordex-20241231_pre.xml (EX-101.PRE) — 65KB
• incordex-20241231_def.xml (EX-101.DEF) — 12KB
• icdx_10q_htm.xml (XML) — 83KB

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 3 Balance Sheets (Unaudited) F-1 F-2 F-3 F-4

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) F-5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 5 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 8 Item 4.

Controls and Procedures

Controls and Procedures. 8

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1. Legal Proceedings. 9 Item 1A. Risk Factors. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 9 Item 3. Defaults Upon Senior Securities. 9 Item 4. Mine safety disclosures. 9 Item 5. Other Information. 9 Item 6. Exhibits. 9

SIGNATURES

SIGNATURES 10 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS.

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS 3 Table of Contents INCORDEX CORP. INDEX TO FINANCIAL STATEMENTS For the three and six months ended December 31, 2024, and 2023 (Unaudited) Balance Sheets as of December 31, 2024 (Unaudited) and June 30, 2024 (Audited) F-1 F-2 F-3 F-4

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) F-5 4 Table of Contents INCORDEX CORP. BALANCE SHEETS December 31, 2024 (Unaudited) June 30, 2024 (audited) ASSETS Current Asset Cash $ 1,718 $ 990 Total Current Assets 1,718 990 Fixed Assets Mobile Application, Net - 17,817 Website, Net - 3,481 Total Fixed Assets - 21,298 Total Assets $ 1,718 $ 22,288 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts Payable $ 980 $ 12,990 Total Current Liabilities 980 12,990 Long-Term Liabilities Director Loan - 19,014 Total Long-Term Liabilities - 19,014 Total Liabilities 980 32,004 Stockholders' Deficit Common stock, par value $ 0.001 ; 75,000,000 shares authorized, 6,450,000 and 6,450,000 shares issued and outstanding 6,450 6,450 Additional Paid in Capital 27,550 27,550 Accumulated Deficit ( 33,262 ) ( 43,716 ) Total Stockholders' Deficit 738 ( 9,716 ) Total Liabilities and Stockholders' Deficit $ 1,718 $ 22,288 See accompanying notes, which are an integral part of these unaudited financial statements F-1 Table of Contents INCORDEX CORP. Three and Six months period ended December 31, 2024 and 2023 (Unaudited) For the three months ended December 31, 2024 For the three months ended December 31, 2023 For the six months ended December 31, 2024 For the six months ended December 31, 2023 REVENUES (services rendered) $ 1,005 $ 15,642 2,810 20,342 OPERATING EXPENSES General and Administrative Expenses 1,862 12,934 11,070 17,538 TOTAL OPERATING EXPENSES ( 1,862 ) ( 12,934 ) ( 11,070 ) ( 17,538 ) OTHER INCOME/ (EXPENSES) 6,214 - 18,714 - NET INCOME/ (LOSS) FROM OPERATIONS 5,357 2,708 10,454 2,804 PROVISION FOR INCOME TAXES - - NET INCOME/ (LOSS) $ 5,357 $ 2,708 10,454 2,804 NET INCOME/ (LOSS) PER SHARE: BASIC AND DILUTED $ 0.00 $ 0.0

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS F-8 Table of Contents

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS . GENERAL INFORMATION ABOUT OUR COMPANY We were incorporated in Nevada on June 12, 2020. We are a development-stage company that was formed to offer handwritten letter services via our website platform. We plan to develop and sell a Customer Relationship Management (CRM) program designed to assist businesses in sending handwritten letters to their customers. Also, we are planning to develop Reporting and Analytics Software to help our customers see how effective these handwritten letters are in their marketing campaigns. Our principal executive offices are located at 6 Rosemary Way, Nuneaton, United Kingdom CV10 7ST. Our phone number is +1 702 879 4409. From inception until the date of this filing, we have had very limited operating activities. Our independent registered public accounting firm has issued an audit opinion for Incordex Corp., including a statement expressing substantial doubt about our ability to continue as a going concern. Our President, Iurii Abramovici, will offer shares of our common stock to his friends, family members and business associates in United Kingdom and Europe. Great Importance – A hand addressed envelope and handwritten letter suggests the sender is somebody the recipient knows. That creates an aura of great importance for the piece. Personalization – A handwritten address and letter in beautiful ink creates a much more personal impression than the pre-printed variety. When people feel a personal connection to a mailing, it's hard to resist the urge to open it. Contact – While digital communications continue to leave a big footprint in the marketing world, people by and large still respond more readily to something they can touch. Paper communications offer touchable, real' experiences that satisfy this basic need for touch. A personalized hand addressed envelope makes this experience even more real. Feeling of Comfort – Because ha

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